Metronic calls off EGM to remove MNC directors

PETALING JAYA: Metronic Global Bhd has revoked its call for an EGM to remove five directors of MNC Wireless Bhd, without further explanation.
Interestingly just days prior to the announcement, Metronic saw the resignation of Tan Chor How from its board. Tan, who is also CEO of MNC, was one of the five Metronic was seeking to remove from the board of MNC.
The others were MNC chairman Wong Kok Seong, and other directors Kua Khai Shyuan, Pang Siaw Sian and Thu Soon Shien.
Instead Metronic had looked to appoint Nga Koo Koy, Eric Boon Chuan Kit, Ng Wee Peng, Tan Kian Hong and Raja Aida Jasmin Raja Shahrome onto the board of MNC.
Metronic is the largest shareholder of MNC with a 18.75% stake.
MNC, which is involved in providing digital marketing solutions, has been in the red since 2006. However, for the first half ended June 30, 2016, it returned to the black with net profit falling 82.5% from RM709,000 to RM124,000, due to lower revenue from wireless/mobile services as a result of lower consumer spending.